Emma RadmorePIMFA has published the results of a recent study that shows its members want clearer and more consistent regulatory communication, as regulatory change is consuming significant resource that they could otherwise put on different priorities. Nearly 80% of the 52 wealth management and financial advisory firms surveyed said they had spent more on compliance in the last year. And while the members appreciate the importance of proportionate regulation and will welcome simplified reporting and reduced duplicative returns, they also want clarity and consistency in regulatory messages.
In terms of what is taking the most compliance time, 85% of firms said the Consumer Duty dominates, followed by customer vulnerability. Less than half the respondents thought that the Targeted Support initiative will help deliver better consumer outcomes.